For a global insurance centre such as London, the tech that underpins the placing of risk; who rates risk, and then underwrites particular aspects of a commercial or public sector policy, is a crucial factor. Everyone is in a race to win clients with out-of-the-box systems, especially when it comes to syndicates, but what the client needs is a cast iron guarantee that XYZ will pay up if the worst happens. Here’s some news from WNS, who along with other players in fintech are building the blocks of trust that will underpin insurance in the future. Still baffled by blockchain? It’s basically Lego with an indelible timestamp if that helps.
WNS (Holdings) Limited (NYSE: WNS), a leading provider of global Business Process Management (BPM) services, today announced the launch of its blockchain-enabled risk syndication solution, WNS VeriChain. Powered by IBM Hyperledger, the solution addresses complexities and challenges in the syndicated insurance market.
Underpinned by deep domain expertise in the Insurance and Re-insurance industry, WNS’ VeriChain leverages decentralized ledger technology to enable specialty insurers to execute secure transactions in a multi-party ecosystem. It offers a “single view of truth” for all stakeholders in the syndicate including brokers, carriers, and customers, helping drive increased transparency and cooperation thus overcoming disputes and eliminating the need for post facto reconciliations. WNS VeriChain offers end-to-end digitization enabling brokers and carriers improve efficiency and profitability, while enhancing the end-customer experience.
“At WNS, we are focused on leveraging emerging technologies like Blockchain to offer state-of-the-art digital solutions that address critical business challenges faced by our clients. WNS will continue to make strategic investments in new-age technologies with a goal of “co-creating” solutions designed to help our clients transform their businesses and create competitive advantage in their respective markets,” said Keshav R. Murugesh, Group CEO, WNS.
WNS is a trusted partner to more than 30 insurance and re-insurance clients, providing end-to-end solutions across the entire insurance value chain. We are conceptualizing and developing state-of-the-art, innovative business models helping disrupt today’s insurance industry. Our digital solutions powered by deep domain expertise, technology and automation, and advanced analytics are helping clients drive true business transformation.
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